Columnist Holman W. Jenkins Jr. writes that Delta Air Lines is buying older aircraft instead of snapping up new planes. "As others commit capital to new planes, Delta has noticed bargains among older aircraft," he writes. Delta has also challenged U.S. government loan guarantees to foreign carriers with wide-body jets with which Delta competes for international traffic, which helped result in an agreement that will begin paring back these export-credit subsidies altogether.

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